The latest report by IMARC Group, titled "Smart Elevators Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" offers a comprehensive analysis of the industry, which comprises insights on the smart elevator market growth. The market size reached US$ 25.8 Billion in 2022. IMARC Group expects the market to reach US$ 42.2 Billion by 2028, exhibiting a growth rate (CAGR) of 9.1% from 2023–2028.
Smart elevators are technologically advanced systems that facilitate vertical transportation of passengers and goods within a building. They consist of advanced digital security systems, such as biometrics, touchscreen, and access control systems. They also incorporate real-time monitoring technology to help schedule maintenance and repairs. Smart elevators are more cost-effective than mechanical geared elevators as they consume a large amount of energy and lead to high operating costs. They are programmed to adopt multiple operating modes at different times of the day and can recognize the user by keycards, which include permission information. At present, smart elevators are installed in hotels, commercial and residential buildings, information technology (IT) parks, restaurants, and retail outlets.
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Smart Elevator Market Trends and Drivers:
The increasing environmental concerns and escalating demand for energy-efficient solutions represent one of the key factors catalyzing the demand for smart elevators across the globe. In line with this, key market players are introducing permanent magnet synchronous motor (PMSM) traction machine, which results in half of the energy consumption than conventional elevators. This, in confluence with its compact size, lightweight, low noise, and high reliability, is propelling the growth of the market. Furthermore, the increasing adoption of artificial intelligence (AI) and machine learning (ML) algorithms to facilitate quick emergency response and support safety of passengers is creating a favorable market outlook.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Solution:
- Control Systems
- Security Control System
- Elevator Control System
- Access Control System
- Maintenance Systems
- Communication Systems
- Services
- Support and Maintenance
- New Deployments
- Modernization
Breakup by Application:
- Residential
- Commercial
- Industrial
- Institutional
- Others
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Competitive Landscape:
The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- Bosch Service Solutions GmbH
- Hyundai Elevator Co. Ltd.
- KONE Elevator India Private Limited (Kone Oyj)
- Mitsubishi Electric Corporation
- Otis Worldwide Corporation
- Schindler Holding Ltd.
- Thames Valley Controls Ltd
- TK Elevator
- Toshiba Elevators
- Building Systems Corporation (Toshiba Corporation).
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